Workers’ compensation is a crucial form of financial assistance for employees who suffer from workplace-related injuries or illnesses.
It covers medical expenses, and rehabilitation costs, and provides a portion of their lost wages during recovery.
One common question that arises from those receiving workers’ compensation benefits is whether these payments are taxable or not.
As someone knowledgeable about this topic, I would like to address this concern and provide clarity in this matter.
Feeling overwhelmed and confused about the differences between tax evasion vs tax fraud?
You’re not alone – many others, including myself, have faced this puzzling conundrum. After digging through federal codes and consulting with legal experts, I’m ready to shed some light on these complicated terms.
Stick around, you’ll discover actionable insights that may save you major headaches (and possibly a visit from the IRS) down the line!
Are mileage reimbursements taxable?
If you’re struggling with understanding this, you’re not alone; I’ve tackled this same challenge.
It’s a common issue faced by both employers and employees, as it directly influences your taxes.
This article is a comprehensive guide to demystifying the tax implications of mileage reimbursements based on deep research into IRS regulations.
So keep reading to decode if you or your employees could owe Uncle Sam for reimbursed miles!
You may be asking yourself, what should I do if I am a victim of tax identity theft?
If this sounds like you, you may have found yourself in a situation where you tried to file your taxes only to find out that a return has already been filed under your Social Security Number (SSN)…
…or even worse, under your child’s SSN?
Someone stole your Social Security Number and used it to file a tax return to claim your refund!
If you are the victim of identity theft, then it is important to inform the IRS of your situation. This will prevent people from filing a false tax return with your name. With IRS Form 14039 – Identity Theft Affidavit, you can alert the IRS and protect yourself from tax identity theft.